Summary
Globalstar, Inc. filed an 8-K on May 23, 2011, detailing the results of its Annual Meeting of Stockholders held on May 17, 2011. The primary focus of the filing is the outcome of five matters voted upon by shareholders. Key among these were the election of Class B directors and the ratification of the company's independent auditors. Investors should note the overwhelming support for the election of directors John Kneuer and James F. Lynch, as well as the strong ratification of Crowe Horwath LLP as the independent auditor for the fiscal year ending December 31, 2011. Additionally, shareholders approved, on an advisory basis, the compensation of named executive officers and recommended that future advisory votes on executive compensation occur every three years, a recommendation the Board has accepted. The significant number of broker non-votes on certain items indicates a portion of shares were not voted by the beneficial owner's intermediary.
Key Highlights
- 1Two Class B directors, John Kneuer and James F. Lynch, were elected with substantial majority support.
- 2Crowe Horwath LLP was ratified as Globalstar's independent auditor for fiscal year 2011 with a high percentage of 'For' votes.
- 3Shareholders approved, on an advisory (non-binding) basis, the compensation of the company's named executive officers.
- 4A strong majority of shareholders recommended that advisory votes on executive compensation be held every three years.
- 5The Board of Directors accepted the recommendation to hold future advisory votes on executive compensation every three years.
- 6A notable number of broker non-votes were cast on director elections and executive compensation votes, suggesting a significant portion of shares were not voted by beneficial owners' intermediaries.